What Corning Incorporated told the SEC could break it.

Certain key materials and proprietary equipment used in Corning's manufacturing are sole-sourced or available only from a limited number of suppliers, some raw materials are subject to country-of-origin export restrictions, and some key materials/equipment/services have long lead-times or single-supplier sources for which timely alternates may not be found — risking lost revenue and gross-margin reductions.

“Certain key materials and proprietary equipment used in the manufacturing of products are currently sole-sourced or available only from a limited number of suppliers. Additionally, some required raw materials are subject to export restrictions imposed by their country of origin.”

Corning's Display segment (23% of segment net sales) has glass-manufacturing operations concentrated in China, South Korea and Taiwan, servicing customers across Asia; its optical-fiber and hardware operations are also globally concentrated (China, India, Poland, Mexico, Germany) — exposing key segments to Asia-region geopolitical/operational disruption.

“We have display glass manufacturing operations in China, South Korea and Taiwan, and service our glass customers in all regions, utilizing our manufacturing facilities throughout Asia.”

International markets were 57% of Corning's 2025 net sales (61% in 2024) and it relies on a global supply chain; government trade policies (import quotas, tariffs, capital controls), anti-dumping laws, export controls and the FCPA could impair its ability to sell/manufacture abroad, and it is exposed to FX volatility (notably USD vs. Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro).

“Government policies on international trade and investment such as import quotas, tariffs and capital controls, whether adopted by individual governments or addressed by regional trade blocs, can affect the demand for our products and services, impact the competitive position of our products or prevent us, our equity affiliates or joint ventures, from being able to sell and manufacture products in certain countries.”

Of Corning's ~67,200 employees across 44 countries, approximately 68% are in production/maintenance roles and more than 66% are represented by a union, works council or other representative group — a high level of collective representation that raises labor-disruption and collective-bargaining risk.

“Approximately 68% of all employees are in production and maintenance roles and more than 66% of all employees are represented by a union, works council or other representative group.”